According to a press release from Shiok Meats, the MOU will facilitate cooperation between Minh Phu Seafood and Shiok as they carry out research and development (R&D) in the production of sustainable seafood. The MOU also announces the establishment of a joint R&D facility in Vietnam.
The announcement is a step forward in sustainable cultivated aquaculture innovation, paving the way for conventional seafood companies to leverage cutting-edge cultivated seafood technology to offer a diversified portfolio of both conventional and cultivated seafood. The joint R&D facility adds to the ecosystem around healthier diets and rising mindful consumption.
In addition to this R&D lab collaboration, Shiok and Minh Phu will explore the opportunity to develop, produce, market and distribute cultivated shrimp products. The collaboration includes working on a feasibility study of commissioning and operating plants to produce cultivated crustaceans in Vietnam. These prospective development schemes are also well-aligned with Minh Phu’s long term visions, which are to pioneer state-of-the-art technologies, aiming toward the sustainable development of the seafood industry in Vietnam particularly and the whole world.
In a joint statement, Dr Sandhya Sriram, Group CEO, Chairman & co-founder of Shiok Meats, said, “setting up a joint R&D facility with Minh Phu Seafood is a major milestone for us. Our vision has always been collaborating with established seafood companies and hatcheries to add variety to the portfolio and food security narrative through aquaculture innovation, research and tech transfer. Our satellite R&D facility in Vietnam will focus on high-quality cultivated shrimp research and technology.”
Currently, Shiok Meats operates two satellite R&D facilities, one in Thailand and another one in Australia. In 2021, Shiok Meats had raised a bridge funding round bringing the total raised capital to approximately $30 million. Shiok Meats has shown proof of concept and showcased cultivated shrimp, lobster, and crab prototypes since its inception in August 2018. The company is now building its pilot production facility in Singapore, which will speed up large-scale manufacturing capabilities. The company is on track to launch the world’s first cultivated shrimp in at least one premium restaurant in Singapore by 2023.